KHNP chief refutes claims that Czech nuclear plant project bad for Korea

Korea Hydro & Nuclear Power CEO Whang Joo-ho denied that winning the bid took priority at the expense of profitability in an audit of the bid.

A view of the new Dukovany nuclear power plant site in the Czech Republic [KHNP]

Korea’s $18 billion nuclear power plant deal with the Czech Republic once again became a point of political contention over bidding prices and financing.

During a parliamentary audit on state-run energy utilities held at Korea Electric Power Corporation headquarters in South Jeolla on Monday, lawmakers from the Democratic Party (DP) criticized the government over the deal’s allegedly low profitability, while the People Power Party (PPP), aligned with the Yoon Suk Yeol administration, defended the project as a historic achievement.

“The Czech nuclear power plant project is not a jackpot; rather, it is likely a shabby deal only promising to offer everything we have and taking nothing in return,” said DP Rep. Chung Chin-ook, accusing Korea Hydro & Nuclear Power (KHNP) of reluctance to submit requested materials.

Chung argued that the government and KHNP have been solely focusing on clinching the deal and promised excessive financial support to win the project.

KHNP CEO Whang Joo-ho stressed that such accusations are “completely false,” saying that the Czech government will fund the construction of both contracted units at the Dukovany nuclear power plant.

Korea Hydro & Nuclear Power CEO Whang Joo-ho speaks during a parliamentary audit on state-run energy utilities held in Naju, South Jeolla, on Monday. [YONHAP]

Whang also denied the claim that the deal is practically dumping due to its low pricing, saying that “considering that the term refers to an illegal trading practice, it is inappropriate to refer to the deal as such.”

On the other hand, PPP Rep. Lee Jong-bae praised the deal as “a historic achievement that will significantly advance Korea and its nuclear industry,” criticizing the DP lawmakers' “unfounded, malicious accusations.”

In July, the Czech government selected a Korean consortium comprising KHNP, Doosan Enerbility and Daewoo Engineering & Construction as the preferred bidder for an estimated 24 trillion won ($18 billion) project to build two nuclear reactors in Dukovany. A final contract is set to be signed in March next year.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]